Local refineries resume imports of crude oil from Iran

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Local refineries resume imports of crude oil from Iran

Korean refiner Hyundai Oilbank has loaded a cargo of crude in Iran for delivery later this month, a company source said yesterday, while a cargo for refiner SK Energy arrived this week as Seoul resumes imports following a two-month gap.

The country has restarted Iranian oil imports of about six million barrels per month, or 200,000 barrels per day of full contracted volumes, after a way was found to get around a European Union ban on insurance cover. The cargoes are being transported under Iranian insurance cover to avoid sanctions, refining and government sources said.

“Hyundai Oilbank lifted its first Iranian crude last week and it is expected to arrive later this month,” said a company source who declined to be identified.

Among Korea’s four refiners, only SK Energy and Hyundai Oilbank import Iranian crude. A spokesman for SK Energy’s parent firm, SK Innovation, said its first Iranian cargo for this month arrived at the port of Ulsan on Tuesday.

Reuters

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